Meshify a Graphic in order to form and deform it
Well the answer is yes you can do it with images but not with blender alone,
and not with a single image as well. What you need to to learn about the modeling
technique using photography.

Currently there are 2 free opensource software VisualSFM and Meshlab that allows
modeller to create 3d models from a set of images there is are tutorial videos
on the youtube that shows you how to use them.

Here is one of the video. The guy even uploaded a set of the images he took
so you could follow those steps. Installing VisualSFM can be abit tricky though.

https://www.youtube.com/watch?v=D6eqW6yk50k

Good luck cheers.